1. Raising drug prices is “a moral requirement,” says Nostrum Labs CEO.
In August, Nostrum Laboratories raised the price of antibiotic nitrofurantoin by 400%, from $475 a bottle to $2,393. Nitrofurantoin is a common drug used to treat urinary tract and bladder infections that was originally approved in 1989. In response to criticism, CEO Nirmal Mulye said, “I think it is a moral requirement to make money when you can … to sell the product for the highest price.” Why is hiking the price moral? Because you “have to reward your shareholders,” Mulye said.
The “moral requirement” here is calling out corporate greed in an industry that is supposedly dedicated to creating better medical treatments to sustain, or improve, human life.
Clearly Mr. Mulye had a typo in his statement. It was intended to read: “I think it is an immoral requirement to make money when you can.”
We need moral leaders in health care to remind businesses that patients are the ultimate stakeholders…that pricing people out of life saving medicines is inhumane.